April 26 (Reuters) - Settlements have been reached in two long-running lawsuits seeking to hold Moody’s Investors Service and Standard & Poor’s responsible for misleading investors about the safety of risky debt vehicles that they rated.
The lawsuits had accused Moody’s and S&P of negligent misrepresentation over their activities regarding the Cheyne and Rhinebridge structured investment vehicles.
An S&P spokesman confirmed on Friday that the cases have settled. Moody’s and Morgan Stanley, which marketed both SIVs and helped structure the Rhinebridge SIV, have also settled, a person familiar with the matter said on Friday.
Moody’s and Morgan Stanley did not immediately respond to requests for comment.